There is a lot of data out there, big data, which can be overwhelming and difficult to understand. But we should not be afraid of it. Data can be used as a competitive advantage and not just for sales and marketing. It can be used to improve your whole organization, helping you work smarter and faster.
Data is the nervous system of your organization and our customers feed it.
The most critical part of big data is the collection and organization of the data. How do you organize it and analyze it to give you the powerful insights that you need to improve your business? How do you move the data from information to knowledge? How do you personalize it?
A great personal example of a company that takes their data and turns it into great personalized customer experience is Target. We have all heard the story about how Target figured out a teen girl was pregnant before her father did. In my case Target figured out how often I purchase laundry detergent and when I’ll need it again and which scent is my favorite, my cycle, and my need for allergy medication. How you ask? By figuring out how to use all the big data they have collected from me over the many years I have been a customer. By printing coupons for all of those items that I needed when I was checking out both delighted me and freaked me out (a little).
What did Target get in return for using big data in a smart way? Not only did they have a happy customer (that likes to save money) but they also got a return visit that very same day to pick up the items she had coupons for and also had a few impulse purchases. An easy addition to the bottom line because the customer felt good about her experience with the brand.
Now multiply that by hundreds and thousands of customers.
Big data can make a big difference for your bottom line. It can also help predict future trends, helping a company stay ahead of the curve and the competition.
Dan and Stephanie did a great job breaking down big data and many of the marketCHARLOTTE attendees had an “a ha” moment.
Don’t be afraid of big data, embrace it!
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